🇯🇵 TODAY: Japan sells about ¥250 billion of existing 20- to 40-year bonds, a week after its 20-year auction drew the strongest demand on record. It's the first super-long bond sale since then. Last Tuesday, investors bid ¥3.14 trillion for ¥537 billion of 20-year bonds, the highest ratio in records going back to 1987. The last record, in 2019, came at a yield of just 0.36%. This time, buyers got 3.72%, more than 10 times higher. Earlier this month, the 20-year yield hit its highest since 1995, while the 30-year and 40-year hit records. At the same time, Japan's debt is already about twice the size of its economy, the highest of any advanced economy, per the IMF. Its finance ministry is asking for a record ¥16.6 trillion for interest payments next fiscal year, up 27%, per Nikkei. Then on Friday, the Bank of Japan decides on rates.